Novagold Resources Inc (TSE:NG)
XASE:NG
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Novagold Resources New
(NYSE MKT:NG)
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Rating:48Neutral
Price Target:
C$10.00
▼(-33.20% Downside)
Action:Reiterated
Date:04/08/26
The score is held down primarily by weak financial performance (no revenue, ongoing losses and cash burn) and soft technical momentum. These are partially offset by a more positive earnings-call backdrop, including BFS progress and a much stronger cash position, while valuation support is limited due to losses and no dividend.
Positive Factors
Large, high‑grade resource
A very large, high‑grade resource provides durable scale and margin potential: higher grade supports lower operating costs per ounce, long mine life enables multi‑decade cash flow generation once in production, and the concentrated resource footprint leaves room for incremental resource growth.
Negative Factors
Pre‑revenue, persistent widening losses
As a development‑stage company with no operating revenue, NOVAGOLD depends on capital markets to fund ongoing losses. Persistent and increasing net losses signal extended time until self‑funding, elevate the need for financing, and place long‑term reliance on external capital or partner funding.
Read all positive and negative factors
Positive Factors
Negative Factors
Large, high‑grade resource
A very large, high‑grade resource provides durable scale and margin potential: higher grade supports lower operating costs per ounce, long mine life enables multi‑decade cash flow generation once in production, and the concentrated resource footprint leaves room for incremental resource growth.
Read all positive factors
Novagold Resources New (NG) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$4.49B
Dividend YieldN/A
Average Volume (3M)466.45K
Price to Earnings (P/E)―
Beta (1Y)3.34
Revenue GrowthN/A
EPS Growth-104.74%
CountryCA
Employees14
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)-0.27
Shares Outstanding438,780,600
10 Day Avg. Volume494,714
30 Day Avg. Volume466,449
Financial Highlights & Ratios
PEG Ratio-0.51
Price to Book (P/B)23.30
Price to Sales (P/S)0.00
P/FCF Ratio-272.05
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$18.95Price Target Upside26.59% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)-0.19
Revenue Forecast (FY)N/A
Novagold Resources New Business Overview & Revenue Model
Company Description
NovaGold Resources Inc. engages in the exploration and advancement of gold mineral properties throughout the United States. Its flagship asset is the Donlin Gold project, an extensive operation covering approximately 29,008 hectares with 493 minin...
How the Company Makes Money
NOVAGOLD does not typically generate recurring revenue from selling gold because it is primarily a pre-production development company. Its economic model is to create value by advancing its principal asset, the Donlin Gold project, toward construc...
Novagold Resources New Earnings Call Summary
Earnings Call Date:Apr 01, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 01, 2026
Earnings Call Sentiment Positive
The call emphasized strong project fundamentals (large, high‑grade resource, low operating costs, attractive NPV, BFS now underway) and a reinforced balance sheet after a sizable private placement. Near‑term negatives were higher quarterly losses and elevated project and G&A spending tied to BFS ramp‑up and winter camp costs, an outstanding state dam safety permit, and exploration that remains in early reconnaissance phase. Overall, the positive strategic and financial developments (BFS progression, robust treasury, strong partners, compelling project economics) outweigh the near‑term cost increases and permit/operational items.Positive Updates
Large, High‑Grade Resource
Donlin holds ~40 million ounces of reserves and resources at 2.25 g/t — grade roughly twice the industry average — with known resources occupying only ~5% of the land package, indicating meaningful upside potential.
Negative Updates
Quarterly Net Loss Increased
Fiscal Q1 net loss of $15.4 million, an increase of $6.3 million versus the comparable prior year quarter — a ~69% increase (prior period net loss implied at $9.1M) — driven primarily by higher Donlin expenditures and elevated G&A.
Read all updates
Q1-2026 Updates
Positive
Negative
Large, High‑Grade Resource
Donlin holds ~40 million ounces of reserves and resources at 2.25 g/t — grade roughly twice the industry average — with known resources occupying only ~5% of the land package, indicating meaningful upside potential.
Read all positive updates
Company Guidance
Management guided that the Donlin Gold bankable feasibility study (BFS) is now underway with Fluor and specialty firms engaged and is targeted to be completed within a 12–18 month window (management expects it wrapped up in 2027); Donlin contains roughly 40 million ounces of reserves and resources at a grade of ~2.25 g/t (about twice the industry average), occupies only ~5% of NOVAGOLD’s land package (3 km of an 8‑km mineralized belt), is projected to average >1.0 million oz/year over a 30‑year mine life (≈1.3M oz/year in the first 10 years), has estimated operating costs < $1,000/oz and an NPV of nearly $24 billion at a 5% discount at current gold prices. Financial metrics: Q1 FY2026 net loss was $15.4M (up $6.3M YoY), the company’s share of Donlin expenses was $3.9M higher in Q1, corporate G&A rose ~$3.9M (excluding financing, corporate G&A up $3.0M), NOVAGOLD’s share of Donlin funding rose $11.9M YoY, and treasury increased $277.4M to $392.5M after a private placement (proceeds earmarked for Donlin activities, prepayment of the Barrick promissory note and general corporate purposes). Permitting remains strong—federal permits are complete, the only outstanding state permit is dam safety/certification for tailings/water retention (design packages submitted and expected well before needed)—and operating cash expenditures in Q1 were in line with 2026 budget and guidance.Novagold Resources New Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
38
Negative
Cash Flow
24
Negative
| Breakdown | TTM | Nov 2025 | Nov 2024 | Nov 2023 | Nov 2022 | Nov 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -22.00K | -22.00K | 0.00 | 0.00 | -7.00K | -7.00K |
| EBITDA | -86.16M | -79.89M | -24.91M | -21.77M | -45.83M | -33.82M |
| Net Income | -100.98M | -94.66M | -45.62M | -46.80M | -53.34M | -40.54M |
Balance Sheet | ||||||
| Total Assets | 619.43M | 335.91M | 109.75M | 133.29M | 159.19M | 198.85M |
| Cash, Cash Equivalents and Short-Term Investments | 394.18M | 115.14M | 101.22M | 125.75M | 125.88M | 169.12M |
| Total Debt | 170.63M | 167.06M | 152.45M | 137.55M | 124.63M | 116.13M |
| Total Liabilities | 175.19M | 172.12M | 157.17M | 141.51M | 129.29M | 120.57M |
| Stockholders Equity | 444.24M | 163.79M | -47.42M | -8.22M | 29.90M | 78.28M |
Cash Flow | ||||||
| Free Cash Flow | -13.83M | -14.03M | -12.64M | -7.79M | -12.37M | -9.66M |
| Operating Cash Flow | -13.83M | -14.03M | -12.64M | -7.79M | -12.37M | -9.86M |
| Investing Cash Flow | -456.32M | -177.56M | 9.36M | -10.33M | -12.36M | 40.39M |
| Financing Cash Flow | 553.59M | 259.50M | -174.00K | 0.00 | -2.12M | -731.00K |
Novagold Resources New Technical Analysis
Negative
14.97
Price Trends
11.99
Negative
13.18
Negative
12.62
Negative
Market Momentum
-0.28
Positive
37.78
Neutral
31.70
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:NG, the sentiment is Negative. The current price of 14.97 is above the 20-day moving average (MA) of 11.46, above the 50-day MA of 11.99, and above the 200-day MA of 12.62, indicating a bearish trend. The MACD of -0.28 indicates Positive momentum. The RSI at 37.78 is Neutral, neither overbought nor oversold. The STOCH value of 31.70 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:NG.
Novagold Resources New Risk Analysis
Novagold Resources New disclosed 31 risk factors in its most recent earnings report. Novagold Resources New reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Novagold Resources New Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
85 Outperform | C$5.42B | 12.28 | 42.98% | ― | 55.87% | 71.11% | |
81 Outperform | C$5.23B | 6.68 | 26.78% | ― | 59.11% | 306.31% | |
77 Outperform | C$7.74B | 23.84 | 6.72% | ― | 73.38% | 169.61% | |
71 Outperform | C$5.20B | 14.71 | 41.46% | ― | 207.42% | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
51 Neutral | C$4.40B | -62.20 | -6.39% | ― | ― | -408.67% | |
48 Neutral | C$4.49B | -30.10 | -42.54% | ― | ― | -104.74% |
* Basic Materials Sector Average
TSE:NG
Novagold Resources New
10.18
4.18
69.67%
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Novagold Resources New Corporate Events
Business Operations and StrategyFinancial Disclosures
Novagold Sets April 1 Release and Webcast for Q1 2026 Results
Neutral
Mar 19, 2026
Novagold Resources will release its financial report for the first quarter of 2026 before markets open on April 1, 2026, and will host a conference call and video webcast later that morning to discuss the results. Senior executives, including the ...
Business Operations and Strategy
Novagold and Paulson Advance Donlin Gold Study With Key Engineering Contracts
Positive
Mar 12, 2026
Novagold Resources and Paulson’s Donlin Gold Holdings have awarded key engineering contracts to WSP, Worley, and Hatch to advance critical infrastructure and processing units for the Donlin Gold project’s updated bankable feasibility s...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.